HIPGNOSIS REBRANDS AS RECOGNITION MUSIC GROUP

The songs and recordings formerly owned by Hipgnosis Songs Fund and Hipgnosis Songs Assets have been reorganized under the new investment-rights company Recognition Music Group.

Among the artists represented in the 45k-strong catalog, curated and purchased under the leadership of the company's former boss, Merck Mercuriadis, are Fleetwood Mac, Neil Young, Red Hot Chili Peppers, Shakira and Justin Bieber.

Last year Blackstone purchased Hipgnosis Songs Fund for nearly $1.5b following internal disputes at the latter over valuation and ongoing catalog acquisitions.

Insiders say the rebranding was necessary because the rights to the Hipgnosis name still belong to Mercuriadis, who, it's believed, will use it in future. This didn't prevent the Recognition team from waxing poetic.

“Today we are setting out a new identity for a new company," reads a quote from CEO Ben Katovsky. "'Recognition' encapsulates the cultural significance of the songs in our catalog, the supreme talent of the songwriters and artists who created them and the resonance they produce in fans all over the world."

Added Blackstone Head of Tactical Opportunities International Qasim Abbas: “2024 marked a pivotal transition for the company, with the Hipgnosis entities coming under common ownership and the completion of a landmark $1.47b in financing, demonstrating strong investor conviction in the asset class. As Recognition, the company is now set to build on its position as a leading independent investor in music rights, owning and managing an incredible portfolio of songs and recordings.”

HITS' planned rechristening as "HiTS," meanwhile, fell apart amid internal squabbling.